WASHINGTON — Convenience store retailer Dave Carpenter will testify before the House Judiciary Committee on Wednesday during a hearing on the Credit Card Fair Fee Act of 2009 (H.R. 2695).
“I will be testifying as a small convenience/gas retailer and as a bank owner,” Carpenter, who is president of J.D. Carpenter Cos., Urbandale, Iowa, told CSP Daily News. “The credit-card companies have inundated D.C. with small community banks and credit unions saying that reducing interchange will have a huge impact on them. This is simply not true, so I will do my best to debunk that myth.”
The Credit Card Fair Fee Act of 2009, among other things, would require the rates and terms of a voluntarily negotiated access agreement to be the same for all merchants and participating providers, regardless of their respective category or volume of transactions. It would require issuers, acquirers, owners and merchants to make specified disclosures regarding itemized costs and access agreements. It also would requires the negotiating parties to file jointly with the Attorney General any voluntarily negotiated access agreement that affects any market in the United States or elsewhere.